Look Who’s in an Ascending Triangle

It’s about time I get back to some plain old charting. Forget the ratios, the market indicators and all the crazy stuff and just chart things, man. At least sometimes.

Nasdaq 100 is forming an Ascending Triangle after working off its overbought readings from the spring, and after…

ndx

…it’s leader, the Semiconductor index, has broken to new highs off of its bullish Symmetrical Triangle. We did note to the day, after all, the Sym-Tri breakout, right here at good old public NFTRH.com.

sox

Folks, we are at the doorway to mania, 1999-2000 style.

This does not negate my thus far elusive market correction scenario*, because rallies and bull markets end in upside flame outs as well as roll overs. But I sure am not stepping in front of this thing. Just balancing, profit taking, loss limiting and playing it like all the other casino patrons. I also wonder if the time frame may be getting pushed into 2018. Anyway, we go by what we see and what we see above is a bullish NDX and SOX.

* Well then again, maybe it does. Upside blow offs are often bull market terminators (hello silver 2011), not events that foretell simple corrections.

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